Colorado’s Legal Sports Betting Earns $25.6 Million In Wagers

Colorado's Legal Sports Betting
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Sports betting in Colorado kicked off on May 1, when major sports events shut down because of the novel coronavirus pandemic. Since mid-March, casinos and other gambling facilities shut down following the government’s mandate to prevent the spread of the deadly virus.

Online gaming, such as online casinos and online sportsbooks were the only source of gaming revenues for some states.  

The Supreme Court’s decision to lift the ban against sportsbooks paved the way for the industry’s control and regulation. With the amendments in the country’s gambling laws, more and more states started welcoming sportsbooks in their doors. Currently, more than 18 US states have control and regulated their sportsbooks industry. 

Legislators in other states also push for the legalization of the industry in their territories.  

The sportsbook industry contributed a large amount of gambling taxes in many states. During the pandemic, sportsbook remained operation even in the absence of major sports events. Gamblers placed their bets on none contact sports like darts, table tennis, etc.   

Colorado’s sportsbooks collect millions in wagers 

The Division of Gaming reported that gamblers in Colorado paid less than $25.6 million in different events during the first month of its sportsbook industry operations. The regulator revealed that table tennis was the most popular sport to place a bet, gaining $6.6 million. Gamblers also placed bets on MMA fights, baseball, soccer, and golf. 

The division reported that Colorado gathered more than $95,000 in gambling taxes from its sportsbook in May. The report said sports betting apps collected the wagers since all the casinos were shut down due to the government’s stay-at-home mandate.   

Dan Hartman, Division of Gaming director, said sports betting is off to a strong start. Mr. Hartman said the coronavirus pandemic, the stay-at-home mandate, and the postponement and cancellation of sporting events were not anticipated challenges for the sports betting launch in the state.   

Bigger things to come 

The director added that amount of wages during the month implies the potential for growth of the industry in Colorado. The figure shows a bright future for the sports betting market of the state. Currently, 20 apps have a license to operate in Colorado.   

Many casinos launched their sportsbooks upon reopening, where gamblers placed their bets in the gambling venue. Recently, Black Hawk’s Golden Mardi Gras Casino and Cripple Creek’s Wildwood Casino launched their sportsbooks. 

Doug Gouker, the lead analyst at PlayColorado, said the state did well during the debut of its sports betting industry considering the dangerous situation at that time. He added that revenue was driven despite the absence of major sports events.   

Many big names in the sports betting industry are rushing to get a license to operate in the Colorado market. The largest sportsbooks in the US, FanDuel, and DraftKings, now operates in the state. Betsson will soon receive its license approval, and it plans to launch the sportsbook next year. 

The amount of wagers collected by the industry shows massive potential, especially that professional sports in the US are starting to resume.   

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